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What qualifies as an insured depository institution under FRBP 7004(h)?
Lam Motions pursuant to FRBP 7004(h) require service on an Insured depository institution to be by certified mail addressed to an officer, unless one of the 3 listed exceptions applies. My question is what is an insured depository institution? Typically the mortgage arms of the banks are a separate subsidiary, ie Chase Home Finance, LLC is the subsidiary of Chase which is the subsidiary of JP Morgan Chase. Chase is the insured depository institution, which owns Chase Home Finance, LLC. Does Chase Home Finance, LLC qualify as an insured depository institution? If Merrill Lynch needs to be served a motion or adversary does it fall under FRBP 7004(h) because it is owned by Bank of America? The subsidiaries are not taking insured deposits, so I really wonder whether they qualify.
Obviously the safe thing to do is to assume that the mortgage arm is considered an insured depository institution, but its much harder to find out who the subsidiary officers are as they tend not to be listed on their parent corporations' web sites. Serving the parent company officer would be improper service because it is a separate entity. Thoughts?
Mark Jessee
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